Sorry folks...seem to be asking a lot of questions lately! The statement of account that I've received lists, as it's final entry,'Mort Ind Monies'. I'm assuming this means Mortgage Indemnity Money ie: the money they received under the MIG. Would I be right and if so is there any reason why it would only pay out £178? Thanks, as ever...hasn't anyone got something I can answer to even things out a bit!!

-- mark (cantpaywontpay2000@yahoo.com), April 23, 2002

Answers

Hi Mark!

Is the amount of £178 definitely a sum paid to the lender by the insurers? If so do you know how much you paid the lender in MIG payments - in total that is? It would be a very interesting situation if your payments to them total more than £178 wouldn't it?

Let us know.

Joy

-- Joy Harker (fightingback@harker.go-plus.net), April 23, 2002.

Hi Joy, thanks for the response. It only shows as money being credited to the lenders account not who it's from - I'm just assuming it is a MIG payout. Just seems a bit odd...surely, even if I had only paid this amount it should still have paid out - policies don't usually pay out just the value of the premiums! I have no idea if this is of any importance but could be worth keeping an eye out for it. Thanks again.

-- mark (cantpaywontpay2000@yahoo.com), April 24, 2002.

This will be the pro-rata adjustment for the balance of the MIG policy that *you* paid. The one off premium paid covers the whole amortization period - so if the mortgage account was redeemed (which by means of the repo it was) the policy premium can be partially refunded. Under Rights of Subrogation and the mortgage default terms and conditions, the adjustment reverts to the Lender. If this was a centralised lender, a little birdie told me that a certain insurance Co refused to honour a few payouts after 1996 on the grounds of "inadequate risk assessment" when these Lender's lent the money. Read "conned innocent people into very dodgy deferred/high interest mortgages". Allegedly.

-- Too scared to say (iwasduped@yahoo.com), April 24, 2002.